ABIDIN, A. ZAENAL (2014) ANALISIS SAHAM PT. INDOSAT TbK TERKAIT RENCANA BUYBACK PEMERINTAH. S2 thesis, Universitas Mercu Buana Jakarta-Menteng.
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Abstract
The purpose of this study is to analyze the value of the acquisition related plan buyback Indosat by the Jokowi government using Capital Asset Pricing Models (CAPM), Free Cash Flow to Equity (FCFE), Relative Valuation, and Gordon Growth Model. In the calculation using CAPM method analyzing the market value of the stock risk and stock price. The results of the calculations this value is undervalued. Using the method of the FCFE analyzing net cash and the balance and then projected over five years. The results of the FCFE analysis the value is undervalued in this method the value closest to the actual price. With Relative Valuation analysis PER, PBV, PSR, for comparison with Telkom and XL Axiata. The results obtained are overvalued This result is supported by the condition of the comparison companies in ROA and ROE is healthy. The last method used in this analysis is the Gordon Growth Model, this method analyzes the dividend, the value obtained from this analysis is undervalued The results of the reconciliation of value to these method obtain the final value is still overvalued RP 3.396 if the government will fund the acquisition stock of PT. Indosat TBk 35.71% should be prepared to Rp 5,926 trillion if will fund 65 % should be prepared RP 10 493 Trillion Keyword : Acquisitions, stock price, Capital Asset Pricing Madels (CAPM), Free Cash Flow to Equity (FCFE), Relative Valuation, dan Gordon Growth Mode, Undervalued, Overvalued, PER, PBV, PSR, ROA, & ROE Tujuan dari penelitian ini adalah untuk menganalisis nilai akuisisi terkait rencana buyback Indosat oleh pemerintah Jokowi dengan menggunakan metode Capital Asset Pricing Models (CAPM), Free Cash Flow to Equity (FCFE), Relative Valuation, dan Gordon Growth Model. Dalam perhitungan menggunakan metode CAPM dilakukan analisa terhadap nilai resiko saham terhadap pasar dan harga wajar saham, dimana Hasil perhitungan nilainya adalah undervalue. Menggunakan metode FCFE dilakukan analisa terhadap kas bersih dan neraca kemudian diproyeksikan untuk masa lima tahun. Hasil analisa dengan metode FCFE didapatkan nilainya undervalue dalam metode ini nilainya paling mendekati dengan harga aktual. Dengan analisa Relative Valuation dilakukan analisa terhadap PER, PBV, PSR, terhadap perusahaan pembanding Telkom dan XL-Axiata. Hasil yang didapatkan adalah overvalued hasil ini ditopang oleh kondisi perusahaan pembanding yang secara ROA & ROE sehat. Metode terakhir yang dipakai dalam analisa ini adalah Gordon Growth Model, metode ini menganalisa dividen yang dibagi, dari analisa ini didapatkan nilainya adalah undervalued Hasil dari rekonsiliasi nilai terhadap metode-metode tersebut didapatkan nilai akhir masih overvalued RP 3.396 jika pemerintah akan melakukan akuisisi 35,71% saham PT. Indosat Tbk dana yang harus disiapkan adalah Rp 5.926 Triliun untuk sedangkan jika membeli 65% dana yang harus disiapkan adalah RP 10.493 Triliun Kata Kunci : Akuisisi, harga saham, Capital Asset Pricing Madels (CAPM), Free Cash Flow to Equity (FCFE), Relative Valuation, dan Gordon Growth Mode, Undervalued, Overvalued, PER, PBV, PSR, ROA, & ROE
| Item Type: | Thesis (S2) |
|---|---|
| Call Number CD: | CDT-551-14-125 |
| Call Number: | TM/51/14/221 |
| NIM/NIDN Creators: | 55112120310 |
| Uncontrolled Keywords: | Akuisasi, harga saham, capital asset pricing madels (CAPM), Free Cash Flow to Equity (FCFE), relativ, mku, manajemen keuangan |
| Divisions: | Pascasarjana > Magister Manajemen |
| Depositing User: | Admin Perpus UMB |
| Date Deposited: | 21 Feb 2015 14:57 |
| Last Modified: | 02 Mar 2023 07:29 |
| URI: | http://repository.mercubuana.ac.id/id/eprint/14020 |
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